Having completed the sale of the remaining Yeezy inventory at the end of last year, the company’s results for the third quarter of 2025 do not include any Yeezy contribution. Including Yeezy sales in the prior-year quarter [2024: around €200 million (~$232 million)], currency-neutral revenues increased 8 per cent. In euro terms, revenues reached €6,630 million (~$7.69 billion) in the quarter [2024: €6,438 million (~$7.47 billion)].
Adidas brand showed strong performance in Q3 with a 12 per cent currency-neutral revenue growth, reaching record quarterly revenue of €6.63 billion (~$7.69 billion).
The brand’s growth was broad-based across markets, product divisions, and channels, driving improved profitability and a raised full-year operating profit outlook of around €2.0 billion (~$2.32 billion).
The company’s gross margin improved 0.5 percentage points to 51.8 per cent in the quarter (2024: 51.3 per cent), despite the negative impacts from unfavorable currency developments and higher tariffs. Operating profit improved strongly to €736 million (~$853.8 million) [2024: €598 million (~$693.7 million)]. The third-quarter operating margin reached 11.1 per cent (2024: 9.3 per cent), the company said in a press release.
“I am extremely proud of what our teams achieved in the third quarter with actually record revenues. 12 per cent growth for the Adidas brand leading to total revenue of €6.63 billion (~$7.69 billion) is the highest we have ever achieved as a company in a quarter. The environment is volatile with the tariff increases in the US and a lot of uncertainty among both retailers and consumers around the world, but our teams work hard, and our brand and our products resonate well with consumers,” Adidas CEO Bjørn Gulden said.
“Given the positive development in Q3, we narrow our top-line guidance and raise our full-year EBIT outlook from between €1.7 billion (~$1.97 billion) and €1.8 billion (~$2.09 billion) to around €2.0 billion (~$2.32 billion). 2025 is a success for us already. I am especially happy to see that our performance business is growing strongly across categories and in all regions. The focus is now on transitioning well into 2026, which will be another exciting sports year with the Winter Olympics right at the beginning, the biggest Football World Cup ever, and many more great events to look forward to. Adidas is a sports company that connects sports and street culture. We sell performance, comfort, and lifestyle. We see global demand for all these segments continue to grow. That is why we look positive into the future,” added Gulden.
For full year, the company continues to expect double-digit currency-neutral revenue growth for the Adidas brand. Including Yeezy sales in the prior-year period [2024: around €650 million (~$754 million)], currency-neutral revenues are now expected to increase by around 9 per cent (previously: increase at a high-single-digit rate). The company’s operating profit is now expected to increase to a level of around €2.0 billion (~$2.32 billion). The improved profitability outlook reflects continued brand momentum, the better-than-expected business performance as well as the company’s successful efforts to partly mitigate the additional costs resulting from increased US tariffs.
Fibre2Fashion News Desk (RR)
